The Current Mortgage Market
The mortgage market in early 2026 is in a very different place to where it was two years ago. After a turbulent period of rapid rate rises, the market has settled into a more predictable pattern with lenders competing hard for business.
Fixed rates have come down from their peaks and there are genuinely competitive deals available, particularly for homeowners with decent equity in their property. The gap between the best available rates and the average SVR remains significant — often 2% or more.
Who Should Be Looking to Remortgage Right Now?
If any of these apply to you, it's worth checking what's available:
- Your fixed deal is ending in the next 6 months — you can lock in a rate now without commitment
- You're on your lender's SVR — you're almost certainly overpaying
- Your home has increased in value — you may qualify for a better LTV band
- You've improved your credit score — better credit means better rates
- You want to borrow more — rates are more favourable than personal loans
Should You Fix or Go Variable?
This depends on your appetite for risk and your view on where rates are heading. Fixed rates give you certainty — your payments won't change for the duration of the fix, regardless of what happens to the base rate.
Variable or tracker rates may start lower than fixes, but they carry the risk of going up. If the base rate drops further, you'll benefit. If it rises, so will your payments.
For most homeowners, especially those on tight budgets, the security of a fixed rate is usually the sensible choice. You know exactly what you're paying each month, which makes budgeting much easier.
Don't Wait Until the Last Minute
One of the most common mistakes homeowners make is waiting until their current deal has already expired before looking at their options. By that point, you're on the SVR and potentially paying hundreds of pounds more per month than you need to.
Most lenders allow you to secure a new rate up to six months before your current deal ends. If rates drop further during that window, you can usually switch to the lower rate. If they go up, you've already locked in your deal. It's a win-win.
Important: Your home may be repossessed if you do not keep up repayments on your mortgage. There will be a fee for mortgage advice. The actual rate available will depend on your circumstances. Think carefully before securing other debts against your home.